Infinergeo split between owners ECM Geotermia and Transmark Chile
The geothermal development joint venture Infinergeo SpA in Chile has been split between its owners, ECM Geotermia and Transmark Chile, a 100% daughter of Transmark Renewable Products. Transmark will continue development of the license of Licancura III.
In a press release today, Transmark Renewable Products announces that ECM Geotermia SpA, a geothermal developer part of the Chilean group ECM S.A., and Transmark Chile SpA, a geothermal development company 100% owned by Transmark Renewable Products B.V., have agreed on the split of Infinergeo SpA.
On 17 November 2011, Transmark Chile SpA and ECM Geotermia SpA incorporated in equal parts Infinergeo SpA to jointly explore geothermal resources in Chile. During more than 2 years, the joint venture company made substantial progress with the development of 6 geothermal licenses in Chile. Through an extensive exploration program including geological, geochemical and geophysical surveys, large geothermal potentials of those areas has been recognized.
Now, both companies have reached an agreement to split in equal parts the projects under Infinergeo’s portfolio in order to continue their progresses separately. In general terms, Transmark Chile SpA will continue their efforts to develop the license named “Licancura III”, located in the “Tarapaca” region of Chile; and ECM Geotermia SpA will continue the development of the licenses named “Volcan Tacora”, located in the “Arica y Parinacota” region, as well as “Callaqui” and “Callaqui Este”, located in the “Bio-Bio” region of Chile.”
Source: Company announcement by email